Programmable transaction card

• US 5,955,961 A
• Filed: 09/25/1996
• Issued: 09/21/1999
• Est. Priority Date: 12/09/1991
• Status: Expired due to Term

• Current Assignee: Robert S. Wallerstein
• Original Assignee: Robert S. Wallerstein
• Inventors: Wallerstein, Robert S.
• Primary Examiner(s): Holloway, III, Edwin C.
• Application Number:
  US08/719,437
• Time in Patent Office: 1,091 Days
• Field of Search: 340/825.34, 340/825.44, 340/286.06, 340/311.1, 340/825.35, 235/380, 235/382, 235/382.5, 235/492
• US Class Current: 340/5.4
• CPC Class Codes: G06Q 20/3415 Cards acting autonomously as pay-media
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/363 with the personal data of a user
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A programmable transaction card enables accessing a selected one of a plurality of different accounts with the same or different financial institutions through communication with an authorization center while providing important anti-fraud features. The transaction card includes a keyboard for selecting a desired account and for entering optional identification information for the card. The transaction card generates an account number corresponding to the selected account. The account number, together with the identification information, if entered, is presented in a form which is readable by a reader device but is not discernible by the human eye, e.g., by emulation of a magnetic strip. In an alternative embodiment, an optical reader can be used. Upon reading the account number and the identification information by the (e.g., magnetic) reader device during a transaction, the account number and the identification information are transmitted to the authorization center for verification and access to the selected account.

Claims

1. A method for communicating between a financial transaction authorization center and a holder of a transaction card so as to provide verification of the transaction card and to provide access to a selected one of a plurality of accounts, said method comprising the steps of:

selecting one of said plurality of accounts;

generating within the transaction card an account number corresponding to said selected account;

presenting said account number in a machine-readable form that is not discernible to the human eye for a predetermined period of time approximating a time required to complete a transaction;

using a reader device to read the presented account number;

after said predetermined period of time, supplying a signal to terminate said step of presenting the account number;

transmitting said account number read by said reader device to said authorization center; and

verifying said account number at said authorization center.

2. The method as claimed in claim 1 wherein said account number are presented as a time-varying magnetic field and wherein said account number is read by a magnetic reader device.

3. The method of claim 1 further comprising the step of entering an identification number on a keyboard of the transaction card.

4. A method as claimed in claim 3 further comprising the step of generating a preprogrammed identifying tone in response to making an entry on said keyboard in response to a random request for that entry from the authorization center.

5. The method as claimed in claim 3 further comprising the step of generating a tone after the entry of said identification number on said keyboard and transmitting said tone to said authorization center.

6. A transaction card for accessing a selected one of a plurality of different transaction accounts, said transaction card comprising:

means for entering identification information;

means for selecting one of the plurality of accounts to be accessed;

means for generating an account number corresponding to the selected account;

information presentation means for presenting said identification information and said account number in a machine-readable form which is not discernible by the human eye;

control means for terminating presentation of said identification information and said account number after a predetermined period of time approximating a time to complete a transaction.

7. The card recited in claim 6 wherein said information presentation means comprises an inductive coil.

8. The card recited in claim 6 wherein said means for generating an account number comprises a central processor and associated memory.

9. The card recited in claim 6 further comprising speaker means for generating preprogrammed identification tones in response to depressing selected keys of said keyboard.

10. The card recited in claim 6 further comprising speaker means for generating tones corresponding to said identification number.

11. The card recited in claim 6 further comprising a raised basic account number imprinted on a face of said card and corresponding to a basic account number, account number completing digits located on said card adjacent to, and at the end of, said raised basic account number so that said raised basic account number and said completing digits constitute a completed visible account number, and account number varying means for varying said account number completing digits.

12. The card recited in claim 11 wherein said account number varying means comprises at least one thumbwheel carrying raised digits corresponding to said account number completing digits.

13. A method of conducting a financial transaction comprising the steps of:

providing an authorized user of a financial account with an electronic transaction card having a keyboard and a memory;

entering user identification information on the keyboard;

entering account identification information on the keyboard;

retrieving an account number from the memory;

presenting the account number and user identification information in a format that is temporarily machine-readable external to the transaction card;

communicating the machine-readable account number and user identification information to an authorization center; and

terminating the step of presenting the account number and user identification number after a predetermined period of time approximating a time to complete a transaction.

14. The method of claim 13 wherein a plurality of account numbers are stored in said memory and said account identification information selects one of said plurality of account numbers for retrieval.

15. A programmable transaction card for accessing a selected one of a plurality of different transaction accounts, said transaction card comprising:

means for selecting one of the plurality of accounts to be accessed;

means for generating an account number corresponding to the selected account;

information presentation means for presenting said account number in a format that is machine-readable external to the transaction card;

control means for terminating presentation of said account number after a predetermined period of time approximating a time to complete a transaction.

16. The card recited in claim 15 wherein said information presentation means comprises an integrated circuit.

17. The card recited in claim 15 wherein said information presentation means comprises an inductive coil.

18. The method of claim 17 further comprising the steps of:

entering user identification information on the keyboard;

presenting the user identification information in said format that is temporarily machine-readable external to the transaction card; and

communicating the user identification information to said authorization center.

19. A method of conducting a financial transaction comprising the steps of:

providing an authorized user of a financial account with an electronic transaction card having a keyboard and a memory;

storing a plurality of account numbers in said memory;

entering account identification information on the keyboard;

retrieving one of the plurality of account numbers from the memory;

presenting the retrieved account number in a format that is temporarily machine-readable external to the transaction card;

communicating the machine-readable account number to an authorization center; and

terminating the step of presenting the account number after a predetermined period of time approximating a time to complete a transaction.